Tech sector layoffs - statistics & facts
In the face of a tumultuous global economy, 2023 proved to be a challenging year for the technology sector, marked by an unprecedented wave of layoffs that swept across the globe. Layoffs in the technology sector escalated significantly in 2023 amid growing economic uncertainty. As of December 2023, more than 262,000 employees at tech companies worldwide had been laid off during the year across more than 1,180 firms. More than two-thirds of the layoffs occurred in the United States, where major companies and startups alike have had difficulty maintaining their profit margins. In an environment characterized by concerns about high inflation, rising interest rates, slowing economic growth, geopolitical tensions, and supply chain disruptions.
